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Cash Money, Change, Excitement, and Fear of the Unknown Bitcoin.

When the US Government redesigned the $100 bill, Banks all over the world were set on by people with American Money. They were seeking to change it to the new bills. To an American, this is silly. To people in other parts of the world, New money means the old money is (or will soon be) worthless. This has a historical context.

Money and value change constantly, and throughout history we have seen many currencies come and go. What of your Roman coins? Payment in round pebbles or carved stones? All were forms of currency that are no longer common or abandoned with the fall of the Empire.

Today we have seen the birth of a new form of money. You can’t feel it or carry it in your pocket. Electronic Currency has arrived. Conceptualized in a paper by the mysterious Satoshi Nakamoto, the creator of Bitcoin, the “gold Standard” of cryptocurrency.

Cryptocurrency, like any new form of money, has purpose. Proponents say it is the “next generation” of money and financial transactions. Since it is “peer to peer”, and can be transferred person to person directly, without passing through a central clearinghouse or central bank. Fees are low, and the transactions are immediate. OF course, when easy transfer of funds is available, a certain “sketchy” element of society (money launderers? Drug kingpins? Arms Dealers?) finds it attractive. Bitcoin achieved star status with Silk Road, a defunct website trafficking criminal materials and ungoverned commerce in prohibited (illegal) products. The US Government acquired 25 million Bitcoins in the aftermath of the criminal investigation.

Thus we see that Money is interleaved with governments, criminals, profiteers, history, and an underlying concern that your money may be worthless or converted to something else. No wonder proponents of bitcoin have the zeal of missionaries, and enemies of it are passionately opposed and eager to see the Bitcoin “house of cards” come crashing down. It is a fear that the current paper money might be as worthless as confederate dollars.

Bitcoin has survived almost four years. I don’t pretend to have a crystal ball, but instead of being afraid, I am going to enjoy the show.

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At the time of this writing, Bitcoin is hanging just above $7,000 per BTC. It’s a tempting buy (especially if you feel Bitcoin will push back up to $8-9k per BTC in the short term). I am long and optimistic on Bitcoin (I can sense your surprise, LOL). But I try to be as smart as possible with it. rather than constantly buy and sell, I buy on the dips and hold. In the long run, I feel it will go up. If it hits an insanely high mark, like climbing to $19,000 per BTC, I may be tempted to sell some of my holdings. It’s not a large part of my net worth, and with such volatility, I think it should not be. Most investment advisors preach diversification, and if you are 100% Bitcoin, that is a big risk.

If you bought bitcoin when it dropped from 19,000USD per BTC, at levels above $10k per BTC, I feel your pain. Timing any market is usually folly. Even if you think you are “buying the dip”, no one can predict the actual price levels. If we could, we all would be millionaires. Even with almost a 10 year run, many financial experts, like Warren Buffett and Charlie Munger, consider Bitcoin a sham and advise everyone not to invest in it. (links are to articles quoting them on their views).

The best advice I can think of is from Jim Cramer, investor/author/money manager. His suggestion is (and he was referring to stocks, not Bitcoin specifically), was to accumulate your position over time. Don’t buy it all at once, because the price may go lower, and you don’t want to miss a buying opportunity. As an example, if you want to buy $1,000 USD worth of bitcoin, buy it in $100 or $200 chunks. Even if it climbs out of your “buy price zone”, you will still have some of the position in play.

I strongly suggest you fight the urge to BUY BUY BUY! and take your position slowly. As always, get advice from people you trust and financial professionals. Even if you want to cash out of a position you have in Bitcoin, consider doing it in chunks, so you won’t miss out on an uptick in price, even if you have to wait a bit.

My story should not be considered investment advice, just how I take a position in Bitcoin. Never invest more than you can afford to – Bitcoin is volatile and can go either way! hopefully, TO THE MOON!

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In the US, Bitcoin is a phenomenon that has captured the attention of the population, and raises speculation about the price and “staying power” of the cryptocurrency. You see, in the US, we have a solid fiat currency – The United States Dollar – and Bitcoin is just an additional asset to acquire. Especially if it goes up in price. But US Citizens don’t “NEED” Bitcoin. it really doesn’t solve a problem for us. If you have Dollars, that is the coin of the realm, and is graciously accepted throughout America and it’s territories.

Bitcoin is very important in Countries with high inflation

When the fiat currency is devalued or worthless in a given country, Bitcoin provides a solution to move money around without inflation issues and fees. Venezuela, which is mining it’s own altcoin, the “Petro”, has a high adoption rate for Bitcoin. Bitcoin solves a problem, when you want to move money (Bitcoin) in and out of the country without paying taxes or fees.

“Women’s Annex has led to a significant increase in female adoption of bitcoin in Afghanistan, which in turn allowed many women to access unprecedented levels of financial autonomy. During a recent Blockchain Summitevent, Roya Mahboob recounted the story of one woman whose “husband always hit her and took all [of her] money from her”. After joining Women’s Annex and being introduced to cryptocurrency, the woman was able to save enough bitcoin to “later [sell] them off and [get] a lawyer to get her divorce”, said Mahboob.” – Bitcoin News

In Africa, only 20% of the population have bank accounts, but 60-70% of the population have cellphones. It is easier to get a bitcoin wallet for your phone, than to open a bank account. Muslim women, who cannot enter a bank without a man to “conduct” transactions for her, can keep a phone with a bitcoin wallet under their Burka, avoiding public judgement on her behavior, and using bitcoin to conduct business. This is discussed in detail in a Coinbase article.

Bitcoin is an enabling mechanism in countries where the fiat currency is undesirable, or the banks are difficult to do business with, or the culture prevents people from conducting business. Bitcoin may not be more than a novelty where the fiat currency is strong (Yen, Euros, pounds), but it is a powerful business tool in the developing world. That, my friends, is why Bitcoin matters!

This information is current as of April 24, 2018. All investments have risk, the author is invested in both Bitcoin and the stock market. This article is information only and not a recommendation to invest or divest. Consult your advisors and invoke your preferred deity when making any financial choices, to get the best advice possible for YOUR situation.

You need to set up a Bitcoin wallet. I use Coinbase, which is well known; you can also use any Bitcoin wallet you have already set up. Here is the link to Coinbase. You will need to give the faucet your Bitcoin address so they can send the earned Bitcoin to you.

Step Two:

The way to get Bitcoin from this website is their free Bitcoin “Roll”, which gives you fractional Bitcoin when you actively click on their “Roll Button” on the home page.

Once you have registered and set up your account, make sure you enter the Bitcoin address your winnings go to, and start playing the game!

I use this site personally, and have earned Bitcoin from it. (I like playing the game, and they pay interest on the Bitcoin you leave in the site). This site allows you to get bitcoin every hour. The flat rate is currently 35 Satoshi per hour (Note: coupled to BTC/USD exchange rate: Bitcoin goes up, reward goes down, but is always same USD amount), but, if you are lucky (and we assume that the site generates truly random numbers – which I actually do believe) you can get more

They have a good FAQ (frequently asked questions) page, and clearly have an understanding of both Cryptocurrency and gaming.

Bitcoin Faucets are fun, so get out there and grab a few Satoshi’s for yourself!

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George Soros, a noted currency trader who called Bitcoin a “bubble” in January – is going to be trading cryptocurrencies! This is according to an article in Bloomberg, which has been getting a lot of play in the internet! Read it here:

“Soros has already been indirectly betting on crypto. The firm amassed a stake in Overstock.com in the fourth quarter, making it the third-biggest shareholder of the discount e-commerce company. In August 2017 it became the first major retailer to accept digital currencies. The company had also planned to start an exchange for cryptocurrencies as well as offer digital coins that could trade on the platform. – Bloomberg Article“

Soros is a major Player in the Forex/currency markets, and his venture into Bitcoin shows that an old dog can learn new tricks! Mr. Soros is a shrewd investor and I suspect he sees a way to make some serious money off Cryptocurrency and businesses utilizing Cryptocurrency. The Founder of Overstock, Patrick M Byrne, has been outspoken about Bitcoin, Here is one of his talks:

Patrick M. Byrne on “Why Cryptocurrencies matter”

At this time I don’t own any Overstock.com stock, but I am going to keep an eye on it and consider investing if it dips.

Mr. Soro’s entry into bitcoin is a welcome sign to this Bitcoin fancier, and I expect his investments will be a worthy foray into the cryptocurrency market. With Bitcoin entering it’s second decade of growth and volatility, this is an exciting time to play in the cryptocurrency sandbox, or just watch from the sidelines! Best of Luck to you, George Soros and Patrick M. Byrne!

Thank you for reading my blog, and feel free to share! Best of luck with Bitcoin and all your investments!

In the US, we have a strong Fiat currency, the dollar. (perhaps you have heard of it?). Bitcoin shines when the Fiat, or local, currency is not strong, and fees and bank charges are large. Think Venezuela, Argentina, South Korea. Bitcoin activity in these countries is large, and growing. Those governments can just print more fiat currency (which makes for rampant inflation) making Bitcoin a viable option for payments and moving money around. (This happened in India, where their fiat currency was briefly worthless).

There is also a finite limit to the number of Bitcoins in circulation; 21 Million. No government or “Bitcoin regulator” can just create more – like the governments do with paper currencies – it is fixed and will allow the price to rise once all 21 million are created through Bitcoin mining.

As I see it, there is a lot of activity in Bitcoin going on, and volatility, mining, facebook bans, etc., will all have an effect – but not kill off Bitcoin. You can see the current stats on how many times Bitcoin has been declared “Dead” on 99bitcoins. (spoiler alert – 273 times as of this writing)

Hodl on, and (if you feel like I do) Go long on Bitcoin!

To the Moon!

Thank you for reading my blog, and feel free to share! Best of luck with Bitcoin and all your investments!

Bitcoin purchases and transfers are “peer to peer” transactions. Using the Blockchain (the Bitcoin ledger system) no central clearinghouse is required to regulate any transaction; it occurs between two parties. The Blockchain is a transparent ledger that just records the transaction (in very simple terms). Individuals keep their Bitcoin in “Wallets” on smartphones or computers, or on specific websites that deal in currency transfers (like BTC to USD).

Governments regulate volume of money, interest rates, fee structures, and monitor it’s value against other fiat currencies. Financial transactions outside of government control (with no fees going to the monetary “gatekeepers”) are a nightmare for financial ministers everywhere.

In my opinion, Bitcoin is one component of the financial mechanism any government needs to work effectively. I am not convinced that cash (or precious metals) are going away anytime soon, but governments fear that losing their money-printing ability will weaken them considerably.

Banks and some governmental entities are scrambling to utilize blockchain technology, while publicly denouncing or denying Bitcoin as a monetary vehicle. Most notable among the nay-sayers was Jamie Dimon, of JP Morgan Chase.

Dimon himself has publicly said he sees potential in blockchain tech, and his company just announced this month the launch of a blockchain-based pilot to “significantly reduce” the number of entities needed to verify global payments, which would cut down transaction settlement times.

Countries with High inflation and unstable Fiat currency (Argentina, Venezuela, as examples) have seen Bitcoin transactions flourish as there are low or no fees, and Bitcoin valuation is more stable than the Fiat Currency.

If the government behind the Fiat currency becomes insolvent, or acquires extensive debt, their currency may be devalued (relative to other Fiat currencies), their ability to borrow money will be affected (lenders will demand higher interest rates because of the risk), and prices will climb as the currency loses value. At present, Venezuela, Argentina, Zimbabwe, and other countries are suffering due to the inflation they are experiencing.

Bitcoin to the RescueWhen fiat currency is failing, the citizenry need a mechanism to trade and move money out of the country without fees and taxes; Bitcoin is an obvious choice. As a “peer to peer” unit of value, Bitcoin has minimal fees and a global reach. It is an ideal mechanism to prop up people when their monetary system is in a shambles, and the value of the local fiat currency drops.

In Venezuela, Zimbabwe, China, and other countries, Bitcoin is the method of choice for doing business without government oversight, transfer fees, and excessive taxation. Even in countries with stable currency, Bitcoin is a welcome addition to the mix of fiat currency, gold, and silver, for acquiring wealth and conducting business transactions.

Here’s hoping your value is strong!

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By Alan Chenkin – Was mining Bitcoin back in the Gold rush days of 2011

When you get close to fully mining the entire 21 million bitcoins that can be mined, what do you do with all that mining equipment, optimized by being in areas where cooling and low cost power is available? The answer is simple – Initial Coin Offerings! Each coin requires:

· Its own blockchain

· People and groups mining, and using existing equipment and computers, etc., to mine the ICO

· Getting listed on exchanges, so people can buy the new coin with Bitcoin, crypto, and fiat currency

· Technology based on Satoshi’s work (essentially a Bitcoin clone, with some bells and whistles)

· Claims of additional utility and security, with white papers and some “reason for existing”

· Coins to be “Pre-Mined” (sold at a discount, to finance operations), sometimes as much as 50-60% BEFORE the coin is released

· And a ton of Hype (Have I told you about my new Chenkin Coin – it’s using the Blockchain to cure hunger, banish diseases and create world peace – GET IN ON IT NOW! – NOT.)

· FOMO. Fear of Missing out – for all the people who did not buy Bitcoin very low, “and want to get in on the ground floor” in the new coins ICO

This is not a small or capricious undertaking. According to Morning Brew, a daily news feed,

ICOs have raised $1.7 billion so far this year, on track to pass last year’s $6.5 billion.

An MIT report estimates that up to $317 million from ICOs has gone to scams.

Hedge funds and private investors receive special treatment to buy tokens at discounted rates. Some immediately flip them for large profits.

This is big business. At this writing, activity in Crypto-mining is way up. Hedge Funds are in it big time (and those guys are all about making big money).Here is the point that caught my eye, $317 Million (approx 20%) HAS GONE TO SCAMS.Don’t get me wrong, I am a big fan of Bitcoin and Cryptocurrency in general, but bad actors are making a killing here – and pumping out legitimate seeming coins for only one purpose – pump and dump.For me, a 20% chance that I will lose my money is a big risk. The landscape is littered with coins that tried, and couldn’t match the success of bitcoin, Litecoin, Ethereum, etc. So I watch the ICO show – filling my inbox and littering the chat boards with claims of being the next best thing, and keep my damn hands off the buy button!Big money is in this, and I am tempted, but I am not an insider in these coins, so I treat it like stock tips. If someone is telling ME about a hot investment, it’s usually not a good tip.

Invest with your head, don’t bet more than you can afford to lose in new ICO’s, and have fun. A few hundred dollars invested in my Chenkin Coin can give you months of excitement before I cash out and it’s value drops to zero. You can buy it on the worldwide Crypto exchange (designed for suckers, er, “Savvy Investors”),I hope you, like me, will enjoy the show, and invest in ICO’s with spare change and a well-earned skepticism, as the hedge funds and Winklevii work the room. And it’s a big room!Thanks for reading, and may your crypto investment give you enjoyment as it goes – wait for it – TO THE MOON!

All rights reserved by Alan Chenkin & Primrose Path LLC. Remember to give credit to the author and any cited works. Some links are promoted so the author can maintain his Starbucks coffee habit. If you enjoyed this blog, please feel free to share .This Blog was Human-generated by the author, and not produced by a Russian blog Engine.

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